Tax Equity and Fiscal Responsibility Act of 1982

Summary

Miscellaneous Revenue Act of 1981 - Amends the Internal Revenue Code to provide that the limitations placed on income tax deductions for expenses in connection with the business or rental use of a home shall not apply to rentals to a family member or a person who has an interest in the dwelling unit pursuant to a shared equity financing agreement if such person pays a fair rental and uses such residence as his principal place of residence. Defines "shared equity financing agreement" for purposes of this Act. Permits reasonable litigation costs, including attorneys' fees, to be awarded to the prevailing party (other than the United States or a creditor of the prevailing party) in any civil proceeding in any court of the United States for the determination, collection, or refund of any tax, interest, or penalty imposed under the Internal Revenue Code if it is determined that the position of the United States was unreasonable. Requires such party to have exhausted the available administrative remedies within the Internal Revenue Service. Disallows costs of proceedings involving declaratory judgments, except those involving the revocation of an organization's status as a tax-exempt public charity. Includes as attorneys' fees any amounts paid to an individual who is not an attorney but who is authorized to practice before the Tax Court. Defines "prevailing party" as a party who substantially prevails with respect to the amount in controversy or the most significant issue or set of issues. Disqualifies costs of proceedings commenced after September 30, 1984. Increases from $500 to $5,000 the maximum penalty for instituting Tax Court proceedings for purposes of delay and imposes such penalty for the bringing of proceedings which are frivolous or groundless. Revises the test for whether proceedings are brought for purposes of delay. Exempts accrual basis taxpayers from the application of tax rules limiting the acceleration of accrual of taxes by a taxing jurisdiction if they so elect or if they were not liable for any tax prior to the effective period of acceleration. Sets forth rules for the accounting of accruals in the case of taxpayers who make such an election. Revises the formula used for purposes of the personal holding company tax to determine whether the sum of the deductions directly allocable to the conduct of a lending or finance business allows the exclusion of such a business from the definition of a personal holding company. Increases from 60 to 144 months the limitation on the maturity of commercial paper and loans dealt in or made by a lending or finance business. Excepts from the definition of "lending or finance business" the making of loans, notes, or installment obligations under open end credit agreements. Amends the Tax Reform Act of 1976 to defer until 1984 the effective date of special rules limiting net operating loss carryovers. Amends the Energy Tax Act of 1978, with respect to refunds resulting from the repeal of the manufacturers excise tax on buses, to extend to December 31, 1982, the period for reimbursement of tax to the ultimate purchaser and revise requirements regarding proof of reimbursement.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 13 November 1981

   Committee

   Forwarded by Subcommittee to Full Committee (Amended).

   Source: Committee

2. 13 November 1981

   Referred

   Referred to Subcommittee on Select Revenue Measures.

   Source: Committee

3. 13 November 1981

   Committee

   Hearings Held by House Committee on Ways and Means Prior to Introduction (Oct 19, 81).

   Source: Committee

4. 13 November 1981

   Committee

   For Previous Action See H.R.2397.

   Source: Committee

5. 13 November 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

6. 13 November 1981

   Introduced

   Introduced in House

   Source: IntroReferral

7. 13 November 1981

   Introduced

   Introduced in House

   Source: IntroReferral

8. 19 November 1981

   Reported

   Ordered to be Reported (Amended).

   Source: Committee

9. 19 November 1981

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

10. 14 December 1981

    Calendars

    Placed on Union Calendar No: 247.

    Source: Calendars

11. 14 December 1981

    Reported

    Reported to House (Amended) by House Committee on Ways and Means. Report No: 97-404.

    Source: Committee

12. 14 December 1981

    Reported

    Reported to House (Amended) by House Committee on Ways and Means. Report No: 97-404.

    Source: Committee

13. 15 December 1981

    Introduced

    Received in the Senate.

    Source: IntroReferral

14. 15 December 1981

    Passed

    Passed House (Amended) by Voice Vote.

    Source: Floor

15. 15 December 1981

    Passed

    Passed/agreed to in House: Passed House (Amended) by Voice Vote.

    Source: Floor

16. 15 December 1981

    Floor

    Called up by House Under Suspension of Rules.

    Source: Floor

17. 16 December 1981

    Introduced

    Read second time and referred to Senate Committee on Finance.

    Source: IntroReferral

18. 5 January 1982

    Committee

    Committee on Finance requested executive comment from OMB; Treasury Department; Health and Human Services Department; Labor Department.

    Source: Committee

19. 1 July 1982

    Reported

    Committee on Finance. Ordered to be reported with amendments favorably.

    Source: Committee

20. 12 July 1982

    Reported

    Committee on Finance. Reported to Senate by Senator Dole with amendments and an amendment to the title. With written report No. 97-494.

    Source: Committee

21. 12 July 1982

    Reported

    Committee on Finance. Reported to Senate by Senator Dole with amendments and an amendment to the title. With written report No. 97-494.

    Source: Committee

22. 12 July 1982

    Calendars

    Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 706.

    Source: Calendars

23. 19 July 1982

    Floor

    Measure laid before Senate.

    Source: Floor

24. 20 July 1982

    Floor

    Considered by Senate.

    Source: Floor

25. 21 July 1982

    Floor

    Considered by Senate.

    Source: Floor

26. 22 July 1982

    Floor

    Considered by Senate.

    Source: Floor

27. 23 July 1982

    Vote

    Passed Senate with amendments and an amendment to the Title by Yea-Nay Vote. 50-47. Record Vote No: 257.

    Source: Floor

28. 23 July 1982

    Vote

    Passed/agreed to in Senate: Passed Senate with amendments and an amendment to the Title by Yea-Nay Vote. 50-47. Record Vote No: 257.

    Source: Floor

29. 27 July 1982

    Floor

    House Committee on Ways and Means Reconsidered Measure Resulting from Senate Passage Unfinished Business.

    Source: Floor

30. 28 July 1982

    Passed

    House Disagreed to Senate Amendments by Unanimous Consent.

    Source: ResolvingDifferences

31. 28 July 1982

    Passed

    House Agreed to Request for Conference and Speaker Appointed Conferees: Rostenkowski, Gibbons, Pickle, Rangel, Stark, Conable, Duncan, Archer, Dingell, Waxman, Scheuer, Broyhill, Madigan, Mineta, Anderson, Levitas, Oberstar, Clausen, Snyder, Hammerschmidt, Fuqua, Glickman, Winn.

    Source: ResolvingDifferences

32. 28 July 1982

    Passed

    Resolving differences -- House actions: House Disagreed to Senate Amendments by Unanimous Consent.

    Source: NotUsed

33. 28 July 1982

    ResolvingDifferences

    Senate insists on its amendments, asks for a conference, appoints conferees Dole; Packwood; Roth; Danforth; Long; Byrd, of VA; Bentsen; Kassebaum; Cannon (On Title IV only, excluding section 406 (e): Packwood, Kassebaum, and Cannon.).

    Source: ResolvingDifferences

34. 3 August 1982

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

35. 3 August 1982

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

36. 4 August 1982

    ResolvingDifferences

    Conference held on Title IV.

    Source: ResolvingDifferences

37. 4 August 1982

    ResolvingDifferences

    Conference committee actions: Conference held on Title IV.

    Source: ResolvingDifferences

38. 4 August 1982

    ResolvingDifferences

    Considered by House Chair Appoints the Following Conferees Solely for the Consideration of Section 395 of the Senate Amendment to H.R.4961 and Modifications thereof Committed to Conference: Messrs. Dingell, Wirth and Broyhill.

    Source: ResolvingDifferences

39. 5 August 1982

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

40. 5 August 1982

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

41. 9 August 1982

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

42. 9 August 1982

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

43. 10 August 1982

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

44. 10 August 1982

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

45. 12 August 1982

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

46. 12 August 1982

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

47. 13 August 1982

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

48. 13 August 1982

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

49. 15 August 1982

    Passed

    Conferees agreed to file conference report.

    Source: ResolvingDifferences

50. 15 August 1982

    Passed

    Conference committee actions: Conferees agreed to file conference report.

    Source: ResolvingDifferences

51. 17 August 1982

    ResolvingDifferences

    Conference Report 97-760 Filed in House.

    Source: ResolvingDifferences

52. 17 August 1982

    ResolvingDifferences

    Conference report filed: Conference Report 97-760 Filed in House.

    Source: ResolvingDifferences

53. 18 August 1982

    ResolvingDifferences

    Conference report S. Rept. 97-530 filed in Senate by Senator Dole on the disagreeing votes of the two Houses on the amendment of the Senate.

    Source: ResolvingDifferences

54. 18 August 1982

    ResolvingDifferences

    Conference report filed: Conference report S. Rept. 97-530 filed in Senate by Senator Dole on the disagreeing votes of the two Houses on the amendment of the Senate.

    Source: ResolvingDifferences

55. 18 August 1982

    Reported

    Rules Committee Resolution H.Res.569 Reported to House.

    Source: Floor

56. 18 August 1982

    Floor

    Rule Granted Providing an Open Rule with 3 Hours of Debate. Waiver of Points of Order.

    Source: Floor

57. 19 August 1982

    Vote

    Conference report agreed to in House: House Agreed to Conference Report by Yea-Nay Vote: 226 - 207 (Record Vote No: 303).

    Source: ResolvingDifferences

58. 19 August 1982

    ResolvingDifferences

    Conference report considered in Senate.

    Source: ResolvingDifferences

59. 19 August 1982

    Vote

    Conference report agreed to in Senate: Senate agreed to conference report by Yea-Nay Vote. 52-47. Record Vote No: 337.

    Source: ResolvingDifferences

60. 19 August 1982

    Vote

    House Agreed to Conference Report by Yea-Nay Vote: 226 - 207 (Record Vote No: 303).

    Source: ResolvingDifferences

61. 19 August 1982

    Passed

    Rule Passed House.

    Source: Floor

62. 2 September 1982

    Floor

    Presented to President.

    Source: Floor

63. 2 September 1982

    President

    Presented to President.

    Source: President

64. 2 September 1982

    Floor

    Measure Signed in Senate.

    Source: Floor

65. 3 September 1982

    Became law

    Became Public Law No: 97-248.

    Source: President

66. 3 September 1982

    Became law

    Signed by President.

    Source: BecameLaw

67. 3 September 1982

    President

    Signed by President.

    Source: President

Votes

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

6 official files

• Public Law (PDF)

  Public Law · EN · 4 September 1982

  ViewDownloadOpen at official source

• Conference report filed in Senate

  summary · EN · 18 August 1982

  Open at official source

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• Reported to Senate with amendment(s)

  summary · EN · 12 July 1982

  Open at official source

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• Passed House amended

  summary · EN · 15 December 1981

  Open at official source

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• Reported to House with amendment(s)

  summary · EN · 14 December 1981

  Open at official source

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• Introduced in House

  summary · EN · 13 November 1981

  Open at official source

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Sponsors

• Rep. Stark, Fortney Pete [D-CA-13] · D · Sponsor
• Rep. Duncan, John J. [R-TN-2] · R · Sponsor
• Rep. Holland, Kenneth L. [D-SC-5] · D · Sponsor
• Sen. Fowler, Wyche, Jr. [D-GA] · D · Sponsor
• Rep. Russo, Martin A. [D-IL-3] · D · Sponsor
• Rep. Matsui, Robert T. [D-CA-5] · D · Sponsor
• Rep. Heftel, Cecil [D-HI-1] · D · Sponsor
• Rep. Guarini, Frank J. [D-NJ-14] · D · Sponsor
• Rep. Schulze, Richard T. [R-PA-5] · R · Sponsor
• Rep. Vander Jagt, Guy [R-MI-9] · R · Sponsor
• Rep. Ford, Harold E. [D-TN-9] · D · Sponsor
• Rep. Bailey, Donald A. [D-PA-21] · D · Sponsor
• Rep. Bafalis, L. A. (Skip) [R-FL-10] · R · Sponsor
• · ssfi00 · Standing
• · hswm00 · Standing

Related records

• related to → A concurrent resolution expressing the sense of the Congress that the Economic Recovery Tax Act of 1981 should not now be substantially amended and that every effort must be made to reduce the national deficit by ending excessive Federal spending.
• related to → Emergency Unemployment Compensation Act of 1981
• related to → A bill to amend the Internal Revenue Code of 1954 to provide that services performed for camps by certain students who generally are not eligible to receive unemployment compensation will not be subject to the Federal unemployment tax.
• related to → A bill to amend the Internal Revenue Code of 1954 to clarify the tax exemption for interest on obligations of volunteer fire departments.
• related to → A bill to amend the Internal Revenue Code of 1954 and the Comprehensive Employment and Training Act to provide for the eligibility of certain in-school youth for, and for the certification and referral of such youth to, jobs under the targeted jobs tax credit program.
• related to → Emergency Unemployment Compensation Act of 1981
• related to → A bill to amend the Communications Act of 1934 to provide that not less than one very high frequency commercial television broadcasting station be located in each State.
• related to → A bill to amend the Communications Act of 1934 to provide that not less than one very high frequency commercial television broadcasting station be located in each State.
• related to ← A bill to amend title XVIII of the Social Security Act to provide for coverage of hospice care under the medicare program.
• related to ← A bill to amend the provisions of the Economic Recovery Tax Act of 1981 which require targeted jobs certification requests to be in writing, to treat documented oral certification requests received before 45 days after the date of enactment of such Act as written requests.
• related to ← A bill to repeal the special leasing rules of the Economic Recovery Tax Act of 1981 which permit transfers of tax benefits.
• related to ← A bill to amend the Federal Unemployment Tax Act to repeal the penalty provision relating to employers in States with outstanding loan balances, and to suspend loan repayment and interest requirements for States having a high unemployment rate.
• related to ← A bill to amend the Internal Revenue Code of 1954 to repeal the special leasing provisions enacted by the Economic Recovery Act of 1981.
• related to ← A bill to make section 457(e)(1) of the Internal Revenue Code of 1954 inapplicable to certain State judicial plans.
• related to ← A bill to amend the Internal Revenue Code of 1954 to require that the interest rate applied with respect to overpayments and underpayments of tax, which is currently based on the average prime rate for September, be based on the average prime rate for the first 9 months of the calendar year.
• related to ← A bill to amend the Internal Revenue Code of 1954 to increase the excise tax on cigarettes to 28 cents a pack and to provide an inflation adjustment for such rate.

Showing 16 of 149 related records.

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